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ONESOURCE Fast VAT
A complete solution for small and medium businesses in the GCC region.
Your complete VAT solution
The progressive introduction of Value Added Tax (VAT) in the GCC represents a challenge for many small and medium-sized businesses.
The concept of VAT may be straightforward, but its day-to-day management in a rapidly evolving tax environment is anything but easy. With little to no history of taxation in the region, most companies operating locally have no experience in complying with indirect tax regulations.
From keeping up to date with the latest regulations to applying the correct VAT treatment to each transaction, sale, or purchase, managing VAT obligations can become very cumbersome in an ever-changing indirect tax landscape.
Thomson Reuters ONESOURCE Fast VAT is a comprehensive VAT management and reporting platform designed specifically for small and mediium-sized businesses in the GCC and provides the tools to help you navigate the complex VAT landscape, cut compliance risk and optimize resources.
Did you know?
THOMSON REUTERS ONESOURCE INDIRECT TAX SOLUTION IS CERTIFIED BY THE UAE FEDERAL TAX AUTHORITY
Benefits of using ONESOURCE Fast VAT
ONESOURCE Fast VAT is the fastest, and simplest way to get critical business insights, create a VAT return automatically, and confidently file is with the relevant government authority.
Reduce the risk of human error by automatically classifying transactions for the correct VAT treatment and populating the VAT form in both English and Arabic.
An Expert-driven solution trusted throughout the world's tax and accounting community that is designed specifically for businesses in the GCC VAT environment.
With the ability to manage and verify all your transactions in one central database, regardless of the number of systems you have, your VAT compliance process is more efficient and error-proof.
By running a consistent and audited VAT treatment process for both sales and procurement, an SME can ensure optimal VAT recoverability to boost margins and working capital.
ONESOURCE Fast VAT can be deployed on your premises or hosted, meaning zero disruption to your current IT setup.
Key features
Deep content expertise and expert-driven solutions that are trusted globally, supporting a repository of over 150,000 tax and accounting professionals who are transforming their tax processes using ONESOURCE
The artificial intelligence capabilities built-in allow you to find the GCC VAT-related answers you're looking for swiftly and easily, approved by our tax research team based in the UAE.
The artificial intelligence capabilities built-in allow you to find the GCC VAT-related answers you're looking for swiftly and easily, approved by our tax research team based in the UAE.
Critical business insights with Sales and Purchases summary, VAT Refund Tracker, VAT Bad Debt Management and many more analytics for your SMEs.
Pre-populate your VAT return automatically for any country in the GCC based on your accounting data. ONESOURCE Fast VAT classifies all transactions automatically for VAT thanks to its patented logic and embedded GCC VAT content.
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